While the price is below the resistance 60.95, beginning of downtrend is expected.
We make sure when the support at 55.20 breaks.
If the resistance at 60.95 is broken, the short-term forecast -beginning of downtrend- will be invalid.
We will close our open trades, if the Midterm level 60.95 is broken.
The support #1 at 43 is broken, so the probability of beginning of downtrend is increased.
While the downtrend #2 is not broken, wave in price would continue.
A peak is formed in at 66.50 on 04/23/2019, so more losses to support(s) 58.05 and minimum to Major Support (55.20) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
( ) is 38.
*There is still a possibility of temporary retracement to suggested resistance line (60.95). if so, traders can set orders based on Price Action and expect to reach short-term targets.
*If you missed our first HUNT, you have a second chance to bell below the suggested resistance line (60.95).
Signal to enter the market occurs when the price comes to "Sell zone" then forms one of the reversal patterns, whether "Shooting Star" or "Peak", in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and special version of our "Price Action" strategy FOLLOW our lessons:
We opened 9 SELL trade(s) @ 65.11 (day close price) based on 'Peak' at 2019.04.25.
Total Profit: 5170 point
Closed trade(s): 1528 point Profit
Open trade(s): 3642 point Profit
TP1 @ 61.85 touched at 2019.05.02 with 326 point Profit.
TP2 @ 60.15 touched at 2019.05.06 with 496 point Profit.
TP3 @ 58.05 touched at 2019.05.23 with 706 point Profit.
326 + 496 + 706 = 1528 point
Profit for one trade is 65.11(open price) - 59.04(current price) = 607 point
6 trade(s) still open, therefore total profit for open trade(s) is 607 x 6 = 3642 point
All SLs moved to Break-even point.
TP4= @ 55.20
TP5= @ 52.80
TP6= @ 49.50
TP7= @ 45.80
TP8= @ 42.60
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